Senate Confirms Jay Clayton to Run SEC – NMP Skip to main content

Senate Confirms Jay Clayton to Run SEC

May 03, 2017
The U.S. Senate confirmed Jay Clayton to become the next head of the U.S. Securities and Exchange Commission (SEC)

The U.S. Senate confirmed Jay Clayton to become the next head of the U.S. Securities and Exchange Commission (SEC).
According to a Bloomberg report, Clayton was confirmed in a 61 to 37 vote. Clayton is a former partner in the law firm Sullivan & Cromwell. His appointment will spur new SEC movement that remained at a standstill following the January resignation of Mary Jo White, a former U.S. Attorney and Wall Street lawyer whose stewardship of the SEC was the target of repeated criticism by Sen. Elizabeth Warren (D-MA), who also opposed Clayton’s nomination.
 
The five-person commission is now at three members, and its sole Democratic commissioner, Kara Stein, will see her term expire in June. However, Stein would be able to serve an additional 18 months if no replacement is named during that period. The Trump Administration has yet to name a replacement for Stein or a nominee for the other SEC vacancies.

 
About the author
Published
May 03, 2017
Insuring The Risk To Lenders At Closing

Traditional protections like title insurance and closing protection letters may leave lenders exposed to significant settlement, funding, and fraud-related losses

CHLA Uses Trump Mortgage Order To Renew Push For LO Comp Reform

Community lenders want more flexibility over employee compensation, closing-cost estimates, down payment assistance, and federal supervision of smaller IMBs

Servicers Begin Testing Systems Ahead of VA Partial Claim Deadline

VA lenders and servicers have until Nov. 28 to implement the new loss mitigation waterfall and Partial Claim Program

ROAD Act’s Housing Incentive May Be Too Small To Move Supply

Realtor.com finds the median city risks losing only about $84,000, although the policy could carry more weight in supply-starved Northeast and Midwest markets

CRA Proposal Could Reshape Bank Lending And Affordable Housing Investment

The OCC and FDIC would put more weight on lending while easing community development requirements for hundreds of banks

Fannie Mae AI Governance Deadline Arrives Aug. 6

Seller/servicers using artificial intelligence in origination or servicing must have formal policies, oversight, and vendor controls in place